During a demonstration, cybersecurity experts showed how readily available apps can transform a person's appearance in real time to create a deep fake.
Artificial intelligence is rapidly transforming the landscape of fraud, making it easier than ever for scammers to impersonate real people, create fake identities and replicate legitimate websites, according to cybersecurity experts and a demonstration conducted by CBS News California Investigates.
From identity theft involving rideshare drivers to fake businesses created to secure bank loans and credit cards, experts estimate that roughly half of these scams now involve AI tools, including deepfake technology.
Traditional advice for spotting scams is no longer reliable as scammers are becoming increasingly more sophisticated with their methods. Trying to identify if a scammer was catfishing you used to be easy by requesting a video chat, but now they are morphing into anyone they want to be with ease.
Soups Ranjan, CEO of fraud prevention company Sardine , warned that AI-driven fraud is poised for rapid growth.
"AI-generated fraud is going to be the big growth industry of all time," Ranjan said, adding that "it is really easy nowadays to create a deepfake video of someone else."